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2016-11-28 18:30:00

BP BUYS 10%

BP BUYS 10%

 

egypt zohr gas field map

 

BP buys 10% interest in Egypt's super-giant Zohr gas field

BP today announced that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for $375 million.

On closing, BP will also reimburse Eni for BP's share of past expenditure.

As part of the agreement, BP also has an option before the end of 2017 to buy a further 5% interest in the concession under the same terms.

Bob Dudley, BP group chief executive, said: "This interest in a truly world-scale asset will complement our existing Egyptian business. We already have a strong partnership with Eni in Egypt and look forward to working closely with them to efficiently bring these important resources to the Egyptian market.

"BP has now been in Egypt for over 50 years and we continue to see opportunities to further develop our extensive activities here. Beyond Zohr, the first phase of our major West Nile Delta project is on schedule to begin production next year and the fast-tracked development of the Atoll gas field is expected to come on stream in 2018."

The Zohr field was discovered by Eni in August 2015; six wells have so far been successfully drilled on the field. The field is located in the Mediterranean Sea, approximately 190 kilometres north of Port Said in waters approximately 1,500m deep. Thought to be the largest gas discovery made in the Mediterranean, Eni has estimated total gas resources in place in Zohr to be approximately 30 trillion cubic feet of gas. The first phase of development of Zohr is now being fast-tracked, with first gas currently expected in late 2017.

Eni is the operator and currently has a 100% interest in the Shorouk concession. The purchase, which is subject to receiving approvals from the relevant Egyptian Government authorities, is currently expected to complete in the second quarter of 2017.

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Earlier:

BP 

SHELL & BP PRICES: $50 

ROSNEFT & BP: YERMAK NEFTEGAZ 

BP LOSS $382 MLN 

BP: IMPROVING ENERGY EFFICIENCY 

BP CAN $50

 

ENI: 

ENI SELLS ZOHR 

ENI NET LOSS €1.2 BLN 

ENI & CYPRUS COOPERATION 

THE NEW FIND OF ENI & BP 

ENI CUTS 21%

 

EGYPT: 

IMF WANTS MORE EGYPT  

WBG WANTS MORE EGYPT  

WBG BUYS EGYPT  

ROSNEFT LNG FOR EGYPT  

EGYPT SEEKS MONEY

 

 

Tags: BP, ENI, EGYPT, GAS, ZOHR,

Chronicle:

BP BUYS 10%
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BP BUYS 10%
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S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

BP BUYS 10%
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U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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